The popular Apongbon market in Lagos Island was gutted by fire on Sunday morning.
The Ebute Ero Underbridge section of the market went up in flames around 10:45pm.
Shops and property were affected and efforts are on to stop the spread.
The cause of the fire has not been ascertained yet.
The Lagos State Fire Service, the Nigeria Police, Lagos State Emergency Management Agency (LASEMA), among others are at the scene.
The incident occurred a few weeks after the fire outbreak at the popular Balogun Market in Lagos.
Some days earlier, shop owners of Amu Timber Market in Mushin Lagos lost millions of naira worth of goods and property to inferno.
It was learnt that the fire began at the early hours of the day with a cause that was yet to be made known at the time of this report.
There had not been any official information about the level of devastation caused by the incident, but witnesses said some traders lost their goods.